re: So Warren Buffet sees no future in bitcoin...Posted by Broke on 5/14/13 at 12:35 pm to Powerman

quote:I just wouldn't trust everything you say as gospel without at least bouncing the ideas off of a few other people in your industry.

ANYBODY who trust the words of one financial advisor, should be beaten. We work in an ever changing world. We are wrong. We are right. But thankfully we are right more than we are wrong. I haven't asked anyone to trust me implicitly. Never.

re: So Warren Buffet sees no future in bitcoin...Posted by Poodlebrain on 5/14/13 at 12:39 pm to Powerman

quote:Just because some random billionaire investor doesn't invest in a specific investment instrument, it doesn't mean that it is a bad investment.

Why don't you give that same advice to those who are claiming that Bitcoins are a great investment because some investment capital firm is putting $5 million into a Bitcoin exchange start-up? Why is Union Square Ventures' investment in an outfit that treats Bitcoins as a commodity more relevant than the explanation of Berkshire-Hathaway why they are not investing in Bitcoins?

re: So Warren Buffet sees no future in bitcoin...Posted by Powerman on 5/14/13 at 12:39 pm to Broke

quote:ANYBODY who trust the words of one financial advisor, should be beaten. We work in an ever changing world. We are wrong. We are right. But thankfully we are right more than we are wrong. I haven't asked anyone to trust me implicitly. Never.

re: So Warren Buffet sees no future in bitcoin...Posted by the LSUSaint on 5/14/13 at 2:06 pm to Broke

quote:ou are severely overestimating the value of bitcoin vs world currency. Severely. This isn't a threat to them at all. Not even in the next 10 years.

I have never put a value on bitcoins and the theory I speak of applies to ALL investments in reference to competition.

quote:his isn't a threat to them at all. Not even in the next 10 years

Which is it chief? First you say no threat, then you say maybe after ten years....look, with the amounts of money he has to work with and maintained, he looks WAY WAY further than 10 years out.

If, and I stress IF, bitcoins are some sort of currency, there is little doubt they will pay attention, no matter how small the attention, to every single currency on Earth, especially when the government figures out how to tax it, lol

Bitcoin or some variation will always have a (small) amount of relevance because it does appear to be useful for buying and exchanging goods on the gray or black markets.

Bitcoin will almost never become any sort of dominant currency because in order to do so it would have to be regulated, tracked and taxed. Not only would governments insist upon it but so would the general populace. At that point, why switch out your dollars for bitcoin? Dollars have the security of the most powerful government in the world and a track record in its various forms dating back centuries.

quote:Bitcoin will almost never become any sort of dominant currency because in order to do so it would have to be regulated, tracked and taxed. Not only would governments insist upon it but so would the general populace. At that point, why switch out your dollars for bitcoin? Dollars have the security of the most powerful government in the world and a track record in its various forms dating back centuries.